Deposit interest rates continued to rise in July as many banks increased deposit interest rates. Analysts forecast that deposit interest rates will continue to remain high in the last months of 2026.
According to MBS Research, the trend of raising deposit interest rates became clearer in July. Among the 16 banks monitored by this unit, up to 13 banks adjusted interest rates upwards, while last month only 6 banks increased interest rates. The common increase was from 0.1-0.8 percentage points, concentrated in terms from 6-24 months.
Notably, at some banks, deposit interest rates from 9%/year or higher have appeared for terms from 6-12 months. A survey by MBS Research shows that by the end of July, the highest interest rate for terms under 12 months reached 9.3%/year. For the 12-month term, SHB and STB both recorded the highest interest rate of 9.3%/year.
Not only did high interest rates appear in some banks, but the average deposit interest rate also increased significantly. In general, commercial banks monitored by MBS Research, the average deposit interest rate for a 12-month term reached 8.63%/year at the end of July, an increase of 282 basis points compared to the beginning of the year.
Deposit interest rates are rising in the context that the gap between credit growth rate and capital mobilization is still maintained. As of August 3, outstanding credit balance of the entire system increased by 8.8% compared to the end of 2025, while new capital mobilization increased by 6.2%.
The gap between the rate of credit growth and mobilization creates more motivation for banks to increase deposit interest rates to attract capital. This pressure is even more noteworthy as credit demand is expected to continue to maintain at a high level in the last months of the year.
According to forecasts by VCBS Research, deposit interest rates will continue to be maintained at a high level in the last months of 2026, reflecting the capital mobilization needs of banks in the context of credit growth expected to continue to be maintained above 15%.
VCBS Research believes that high interest rates will increase the cost of capital of banks, and at the same time create certain pressure on the developments of the stock market in the short term.
In that context, VCBS Research expects policies to continue to be managed in a flexible direction, aiming to balance the goals of controlling inflation, stabilizing the money market and supporting economic growth.
